Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

Return on Capital (ROC)

Microsoft Excel

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.


Return on Invested Capital (ROIC)

Exxon Mobil Corp., ROIC calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 31,476 37,855 62,749 32,736 (34,098)
Invested capital2 378,995 307,196 297,049 272,673 273,920
Performance Ratio
ROIC3 8.31% 12.32% 21.12% 12.01% -12.45%
Benchmarks
ROIC, Competitors4
Chevron Corp. 9.64% 9.17% 19.68% 10.04% -5.22%
ConocoPhillips 9.38% 15.20% 28.02% 13.45% -5.88%
Occidental Petroleum Corp. 5.05% 9.72% 22.25% 7.26% -23.53%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 NOPAT. See details »

2 Invested capital. See details »

3 2024 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 31,476 ÷ 378,995 = 8.31%

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Exxon Mobil Corp. ROIC deteriorated from 2022 to 2023 and from 2023 to 2024.

Decomposition of ROIC

Exxon Mobil Corp., decomposition of ROIC

Microsoft Excel
ROIC = OPM1 × TO2 × 1 – CTR3
Dec 31, 2024 8.31% = 13.67% × 0.90 × 67.85%
Dec 31, 2023 12.32% = 15.71% × 1.09 × 72.01%
Dec 31, 2022 21.12% = 19.95% × 1.34 × 78.89%
Dec 31, 2021 12.01% = 14.69% × 1.01 × 80.55%
Dec 31, 2020 -12.45% = -17.59% × 0.65 × 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the decrease in return on invested capital (ROIC) over 2024 year is the decrease in efficiency measured by turnover of capital (TO) ratio.


Operating Profit Margin (OPM)

Exxon Mobil Corp., OPM calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 31,476 37,855 62,749 32,736 (34,098)
Add: Cash operating taxes2 14,916 14,713 16,789 7,904 2,695
Net operating profit before taxes (NOPBT) 46,391 52,567 79,538 40,640 (31,403)
 
Sales and other operating revenue 339,247 334,697 398,675 276,692 178,574
Profitability Ratio
OPM3 13.67% 15.71% 19.95% 14.69% -17.59%
Benchmarks
OPM, Competitors4
Chevron Corp. 14.88% 13.94% 22.85% 15.98% -8.90%
ConocoPhillips 25.80% 29.62% 36.63% 29.99% -13.25%
Occidental Petroleum Corp. 19.73% 26.23% 41.51% 20.91% -79.93%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2024 Calculation
OPM = 100 × NOPBT ÷ Sales and other operating revenue
= 100 × 46,391 ÷ 339,247 = 13.67%

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. Exxon Mobil Corp. OPM deteriorated from 2022 to 2023 and from 2023 to 2024.

Turnover of Capital (TO)

Exxon Mobil Corp., TO calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Sales and other operating revenue 339,247 334,697 398,675 276,692 178,574
Invested capital1 378,995 307,196 297,049 272,673 273,920
Efficiency Ratio
TO2 0.90 1.09 1.34 1.01 0.65
Benchmarks
TO, Competitors3
Chevron Corp. 0.93 0.93 1.11 0.80 0.48
ConocoPhillips 0.51 0.69 1.04 0.60 0.37
Occidental Petroleum Corp. 0.40 0.50 0.65 0.45 0.28

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Invested capital. See details »

2 2024 Calculation
TO = Sales and other operating revenue ÷ Invested capital
= 339,247 ÷ 378,995 = 0.90

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. Exxon Mobil Corp. TO deteriorated from 2022 to 2023 and from 2023 to 2024.

Effective Cash Tax Rate (CTR)

Exxon Mobil Corp., CTR calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 31,476 37,855 62,749 32,736 (34,098)
Add: Cash operating taxes2 14,916 14,713 16,789 7,904 2,695
Net operating profit before taxes (NOPBT) 46,391 52,567 79,538 40,640 (31,403)
Tax Rate
CTR3 32.15% 27.99% 21.11% 19.45%
Benchmarks
CTR, Competitors4
Chevron Corp. 30.17% 29.08% 22.40% 21.79%
ConocoPhillips 29.38% 25.68% 26.41% 25.25%
Occidental Petroleum Corp. 35.88% 25.46% 17.63% 22.36%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2024 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × 14,916 ÷ 46,391 = 32.15%

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. Exxon Mobil Corp. CTR increased from 2022 to 2023 and from 2023 to 2024.